Drafting a Will
Most people believe that their estate is adequately planned when they are in possession of a will.
Wills are downloaded from the internet or bought at stationary stores in order to secure the testator’s peace of mind in this respect.
Regretfully, the above, not only leaves the deceased’s next of kin struggling with their loss occasioned by his/her death but also with a myriad of financial problems.
Proper estate planning entails much more than the drafting of a will.
Various factors should be considered in the planning of your estate, including but not limited to the following :-
1. Will the provisions of my will be practical ?Will adequate cash be available to cover the expenses in respect of the finalization of your estate.
2.To which extend are your next of kin exposed to various forms of tax ?
3. Would your next of kin have access to adequate funds to meet their financial obligations during the finalization of your estate ? Can you trust your executor and does he/she posses the necessary skills to effectively finalize your estate
4. Will inheritances accruing to minors be kept in trust or will the management of same be left in the hands government officials.
5.The testator should plan his/her estate in accordance with the above questions especially as he/she would be in a position to put contingencies into place to prevent such problems from occurring.
In view of the above it is evident that proper estate planning requires more than the mere drafting of a will but requires knowledge and skills in various specialised areas including tax laws.
Prevent your next of kin from falling victim to various financial challenges caused by your negligence.